GDoN Revisited by Hipchickindc – 1103 Harvard St NW

Voted one of the best real estate agents in DC by the Washington City Paper Readers’ Choice Poll in 2009, hipchickindc aka the not-so-hip Suzanne Des Marais is the Principal Broker (DC) for Urban Pace, LLC. She lives (and sells a lot of houses) in Bloomingdale, but works all over DC, with everyone from first time buyers to highly regarded developers. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Featured Property: 1103 Harvard St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $499,900.
List Price at Contract: $399,900.
Settled Price per Square Foot: $224.00
List Date: 11/16/2010
Days on Market: 70
Settled Sales Price: $320,000.
Settlement Date: 03/01/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional

Original Good Deal or Not post is: hereThe listing can be seen: here. To see pics, open the listing link, click on the main pic and scroll through.

We looked at a unit from this condo association about a year and a half ago. The Good Deal or Not Revisited (GDoN-R) can be seen here. This unit sold for $40,000. below that sale. The prices in this association appear to have come down in relation to several foreclosures in the past year. In any case, $224.00 per square foot for a renovated condo in this location, despite the siding, is a deal for someone who wants the amount of space. Typical price per square feet for updated condos in this area is more likely in the low $400’s/square foot.

Continues after the jump.

It should be noted that, of the three foreclosed units, two have sold and one is under contract. Hopefully, this is a good thing for the health of the condo association, since owners under financial stress were possibly behind in condo fees and may not have been taking care of their properties. Sadly, the foreclosures may have been upon people who had bought for very reasonable prices, but refinanced during the boom years and couldn’t carry the payments. Although data is not available for all of the homes that were foreclosed upon, one of them shows a purchase price in 1992 of $97,500. and a repossession in the amount of $346,869.

11 Comment

  • It is just too ugly!

    I couldn’t stand having to live there regardless of the price.

  • It’s a great deal, but they are just SOOOO ugly. I wish they would not allow these things to be built anywhere in the district.

  • This same property is being advertised on Craigslist to rent:

    • If I had known it would drop another 80k, I’d have tried to buy this place. One bedroom is renting at 1000/mo … meaning a reasonable assumption is that the whole condo is generating somewhere around $2500-3000/mo in rental income. Also assuming that there was 20% down and only about 260k financed, someone scored on an investment property with this place — a constant stream-of-income property, no matter how ugly, is a great deal.

      And, on the flip side, it shows you how ridiculous 499k would have been.

  • By “refinanced”, do you mean that they took out another mortgage? Does anyone know how exactly you can go from buying for $97,500 to owing $346,869?

    • Cash out refinancing. Buy the house at $90K, 10 years later it appraises for $500K. You take a new mortgage for $420K, and put $300K in your pocket. And then, apparently, you spend the $300K, the real estate market crashes, you can’t afford your mortgage payment (which has tripled), and you go into foreclosure.

  • I am shocked how low that went for. It doesn’t look in terrible condition. Sure, it’s not the prettiest building in the word, but … 3 bdr, 1400+ sq ft, good condition, Columbia Heights = 320k?! Whaa?

  • A little off topic– does living across the street from a charter school help or hurt a listing?

    • I would say it depends. I live across from a charter school that only goes up to fifth grade. Those kids are actually kind of cute, and at an age where I would still consider them pre-mischief. Parents and teachers are all over the place. But junior high or above is different to me. They’re at that age where they’re a little more interested in getting into trouble, and subject to less supervision from the teachers and parents. When I was house shopping, I was flat-out against being too close to groups of pubescent age kids. Just my take…

  • This was an insanely good deal. Whenever I see something like this, I think “What were the sellers thinking?” I think $375k would have been a fair price, if the foreclosures weren’t in the picture.

  • I think the foreclosures skewed the pricing here. If you look at the DC tax database they were selling for 375k in 2010 and then bam. 2 foreclosures sell for 320.

Comments are closed.